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US Auto Prices: Historical Releases: Difference between revisions
US Auto Prices: Historical Releases (view source)
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===May 2024=== | |||
====Used==== | |||
*The Manheim Used Vehicle Value Index (MUVVI) fell to 197.3, a decline of 12.1% from a year ago. The seasonal adjustment to the index reduced the impact on the month, resulting in values that declined 0.6% month over month. The non-adjusted price in May decreased by 1.2% compared to April, moving the unadjusted average price down 11.4% year over year.<ref>https://www.coxautoinc.com/market-insights/may-2024-muvvi/</ref> | |||
*In May, Manheim Market Report (MMR) values saw weekly decreases that were slightly above long-term average declines, though the first half of the month was better while the back half was weaker. Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 2.0%, including a decline of 0.7% in the last week of the month, which was the week of the Memorial Day holiday. Those same five weeks delivered an average decrease of 1.5% between 2014 and 2019, illustrating that depreciation trends are currently tracking higher than long-term averages for the year. | |||
*Over the month of May, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.8%, meaning market prices stayed below MMR values. | |||
*The average retail listing price for a used vehicle was unchanged over the last four weeks. | |||
====New==== | |||
*Last month, according to estimates by Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the U.S. was $48,389, statistically unchanged from the downwardly revised price of $48,368 in April. The new-vehicle ATP in May was lower year over year by 0.9%, approximately $442. | |||
*Higher incentives helped make new vehicles more affordable in May. The average new-vehicle incentive package – discounts and rebates included – last month was 6.7% of the average transaction price, according to Kelley Blue Book estimates, an increase from April and the highest level since May 2021. Incentives in May were approximately $3,200, notably higher than one year ago when discounts were measured at 4.0% of ATP.<ref>https://www.coxautoinc.com/market-insights/may-2024-atp-report/</ref> | |||
===April 2024=== | |||
====Used==== | |||
*The Manheim Used Vehicle Value Index (MUVVI) fell to 198.4, a decline of 14.0% from a year ago. The seasonal adjustment to the index magnified the results for the month, resulting in a 2.3% month-over-month decrease. <ref>https://www.coxautoinc.com/market-insights/april-2024-muvvi/</ref> | |||
*In April, Manheim Market Report (MMR) values saw weekly decreases that were slightly above long-term averages during each week of the month. Over the last four weeks, the Three-Year-Old Index decreased an aggregate of 1.6%, including a decline of 0.5% in the last week of the month. | |||
*Over the month of April, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 98.3%, meaning market prices fell below MMR values and declined against March as well, which was 99.4% | |||
*The average daily sales conversion rate dropped to 59.6%, showing that demand declined relative to March, which is seasonally normal for this time of year. For comparison, the daily sales conversion rate averaged 60.4% in April during the last three years. | |||
*The average retail listing price for a used vehicle was up 2% over the last four weeks. | |||
====New==== | |||
*Downward slide in new-vehicle prices through the first quarter of 2024 reversed course in April, with average transaction prices (ATPs) increasing by 2.2% to $48,510, the highest prices since December 2023. Year over year, new-vehicle transaction prices were lower by 0.5%.<ref>https://www.coxautoinc.com/market-insights/april-2024-atp-report/</ref> | |||
*The average incentive package in April was 6.3% of the average transaction price, according to Kelley Blue Book estimates, down from 6.6% in the prior month. The incentive decline in April was the first decrease since October 2023 | |||
*Luxury transaction prices increased 2.4% from the prior month and incentives were notably lower, at 6.0% of ATP, down from 7.4% of ATP in March. Still, luxury brand prices in April were lower by 2.1% year over year, indicating that price pressure remains front and center | |||
*Prices of non-luxury vehicles were higher month over month in April by 2.1% and were mostly flat year over year, down by only 0.2%. | |||
*Electric vehicle transaction prices in April were essentially flat versus March – up roughly 0.1% – at $55,252, an increase of only $75 from the prior month. Year over year, the average transaction price for an EV was down 8.5%, thanks in part to price pressure on EVs driven by slowing sales, healthy inventory, and more competition. Electric vehicle incentive packages remain well above the industry average, in many cases more than 15-to-20% of ATP. | |||
==='''March 2024'''=== | |||
====Used==== | |||
*The Manheim Used Vehicle Value Index (MUVVI) fell to 203.1, a decline of 14.7% from a year ago. The decline in the index was driven by the seasonal adjustment, resulting in a 0.4% month-over-month decrease.<ref>https://www.coxautoinc.com/market-insights/march-2024-muvvi/</ref> | |||
*Over the month of March, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.5%, meaning market prices were below MMR values and falling against February levels, which were 99.9%. | |||
*The average daily sales conversion rate increased to 62.5%, showing that demand improved relative to February, which is seasonally normal for this time of year. For comparison, the daily sales conversion rate averaged 62.0% in March during the last three years. | |||
====New==== | |||
*'''The average transaction price of a new vehicle in March declined 0.9% from February to an initial estimate of $47,255, the lowest average price since April 2022,''' according to Kelley Blue Book. <ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-04-08-24/</ref> | |||
*The average price relative to the average manufacturer’s suggested retail price (MSRP) moved down to 97.6%, the lowest level since April 2021. The average price was down 2.6% year over year. The average MSRP declined 0.8% in March and was down 0.6% year over year. | |||
*The average incentive spend from manufacturers increased 11% to $3,120, which was up 102% year over year. Incentives as a percentage of average transaction price increased to 5.9%, the highest level since July 2021. | |||
*'''The average transaction price for a new EV in Q1 was $55,167, a 9.0% decrease compared to Q1 2023 and down 3.8% quarter over quarter.''' Tesla’s average transaction price was $52,315 in Q1, down roughly 13.5% year over year. However, lower prices did not generate higher volume. Many automakers have followed Tesla’s lead and slashed prices. Incentive spending on EVs has increased notably in the past year, another sign of slowing demand. Leasing, too, has increased. In Q1, roughly 27% of all EVs were leased, more than double from the year before. With leasing, many buyers can qualify for the full $7,500 incentive the Inflation Reduction Act offers.<ref>https://www.coxautoinc.com/market-insights/q1-2024-ev-sales/</ref> | |||
===February 2024=== | |||
====Used==== | |||
*The Manheim Used Vehicle Value Index (MUVVI) fell to 203.8, a decline of 13.1% from a year ago. The index was down 0.1% against the month of January 2024. The seasonal adjustment magnified February’s results. <ref>https://www.coxautoinc.com/market-insights/february-2024-muvvi/</ref> | |||
*Over the month of February, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.9%, meaning market prices were just below MMR values but moved higher than January. | |||
*The average daily sales conversion rate increased to 61.0%, which indicates that demand was improving relative to January, normal for this time of year. For comparison, the daily sales conversion rate averaged 58.6% in February during the last three years. | |||
====New==== | |||
*The average transaction price of a new vehicle in February declined 0.1% from January to an initial estimate of $47,244, which was the lowest average price since April 2022, according to Kelley Blue Book<ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-03-11-24/</ref> | |||
*The average price relative to the average manufacturer’s suggested retail price (MSRP) moved down to 96.9%, which was the lowest level since March 2021. The average price was down 2.2% from a year ago. The average MSRP increased 0.1% in February from January but was down 0.4% year to year. | |||
*The average incentive spend from manufacturers increased by 4% to $2,808, which was up 88% from a year ago. Incentives as a percentage of average transaction price increased to 5.9%, the highest level since July 2021. | |||
===January 2024=== | |||
====Used==== | |||
*Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) were unchanged in January compared to December. The Manheim Used Vehicle Value Index (MUVVI) remained at 204.0 but down 9.2% from a year ago. The index experienced the same 0.0% monthly change from December 2021 to January 2022.<ref>https://www.coxautoinc.com/market-insights/january-2024-muvvi/</ref> | |||
*Over the month of January, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.6%, meaning market prices were just below MMR values but moved higher than year-end. | |||
*The average daily sales conversion rate increased to 56.0%, which indicates that demand was improving relative to year-end and fairly normal for this time of year. For comparison, the daily sales conversion rate averaged 55.5% in January during the last three years. | |||
====New==== | |||
*The average transaction price of a new vehicle in January declined 2.6% from December to an initial estimate of $47,401, according to Kelley Blue Book data. This was the lowest average price since May 2022.<ref>https://www.coxautoinc.com/market-insights/auto-market-weekly-summary-02-12-2024/</ref> | |||
*The average price relative to the average MSRP moved up slightly to 97.1%, from what had been the lowest level since March 2021. The average price was down 3.5% from a year ago. The average MSRP declined 2.6% in January from December and was down 1.6% from last year. | |||
*The average incentive spend from manufacturers increased 0.7% to $2,703, which was up 93% year over year. Meanwhile, incentives as a percentage of the average transaction price increased to 5.7%, the highest level since July 2021. | |||
===December 2023=== | |||
====Used==== | |||
*Following a downward trend that began in the second half of the year, 2023 ended with the Manheim Used Vehicle Value Index down 0.5% in December from November. <ref>https://www.coxautoinc.com/news/december-2023-muvvi/</ref> | |||
*The Manheim Used Vehicle Value Index (MUVVI) dropped to 204.0, down 7.0% from the previous year, a larger decline than originally expected. | |||
*Compared to the index peak in December 2021, used-vehicle values are down nearly 21%. | |||
*Over the month of December, daily MMR Retention, which is the average difference in price relative to the current MMR, averaged 99.0%, meaning market prices were just below MMR values. The average daily sales conversion rate increased to 53.8%, which indicates demand was improving and relatively strong for the time of year. | |||
*The average retail listing price for a used vehicle declined 0.4% over the last four weeks. Year over year, retail used-vehicle listing prices in late December were down 4.3%. | |||
====New==== | |||
*The U.S. new-vehicle average transaction price in December 2023 was $48,759, an increase of 1.3% month over month but down 2.4% year over year<ref>https://www.coxautoinc.com/market-insights/kbb-atp-december-2023/</ref><ref>https://www.coxautoinc.com/wp-content/uploads/2024/01/December-2023-Kelley-Blue-Book-Average-Transaction-Price-tables.pdf</ref> | |||
*New-vehicle sales incentives climbed for the second month in a row in December after retreating slightly in October, reaching 5.5% of the average transaction price (ATP) for the first time since August 2021. For comparison, one year ago, incentives were 2.7% of ATP. | |||
===December 2022=== | ===December 2022=== | ||
*Used car prices were down 14.9% over the past year, the largest YoY decline on record. <ref>https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html</ref> | *Used car prices were down 14.9% over the past year, the largest YoY decline on record. <ref>https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html</ref> | ||